EconomyLens.com
No Result
View All Result
Monday, July 14, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Other

Markets track Wall St losses after blockbuster US jobs report

Emma Reilly by Emma Reilly
January 13, 2025
in Other
Reading Time: 8 mins read
A A
0
66
SHARES
825
VIEWS
Share on FacebookShare on Twitter

Hopes for a ceasefire in the Middle East have seen oil prices drop. ©AFP

Hong Kong (AFP) – Asian and European markets sank Monday after an outsized US jobs report dealt another blow to hopes for more interest rate cuts, while oil extended a rally sparked by new sanctions on Russia’s energy sector. The equity sell-off tracked hefty losses on Wall Street, where all three main indexes finished more than one percent lower as the new trading year continued to falter.

Related

Stocks slide on Trump tariff threat against EU

Stocks diverge after Trump’s latest tariff warning

EU climate VP seeks ‘fair competition’ with China on green energy

European markets drop after Trump’s latest tariff warning

Asian markets mostly rise on lingering trade deal optimism

Keenly awaited data on Friday showed the US economy created 256,000 jobs last month, a jump from November’s revised 212,000 and smashing forecasts of 150,000-160,000. The figures followed news that the crucial US services sector picked up in December, with the prices component soaring more than expected to the highest level since last January, while another report showed job openings hit a six-month high in November.

Hopes that the Federal Reserve will continue cutting rates through 2025 — having made three trims last year — were dashed when in December it indicated just two reductions over the next 12 months, down from four tipped previously. The hawkish pivot came as inflation continues to hover above the bank’s two percent target, while there are also concerns that president-elect Donald Trump’s plans to slash taxes, regulations and immigration will reignite prices.

“Given a resilient labour market, we now think the Fed cutting cycle is over,” said Bank of America’s Aditya Bhave and other economists. “Inflation is stuck above target: in the December (summary of economic projections), the Fed not only marked up its base case for 2025 significantly, but also indicated that inflation risks were skewed to the upside. Economic activity is robust. We see little reason for additional easing.”

Markets in Sydney, Singapore, Seoul, Mumbai, Taipei, Manila, Bangkok and Jakarta all sank. Tokyo was closed for a holiday. Hong Kong and Shanghai also fell but pared initial losses as data showed Chinese exports and imports topped forecasts in December. London, Paris and Frankfurt fell at the open.

On currency markets, the pound was wallowing around lows not seen since the end of 2023 owing to fading hopes for US rate cuts as well as worries about the British economy. The euro struggled at its weakest since November 2022.

Surging oil prices added to unease, with both main contracts jumping more than one percent — extending Friday’s gains of more than three percent — after the United States and Britain announced new sanctions against Russia’s energy sector, including oil giant Gazprom Neft. However, commentators do not expect prices to spike too much, even amid speculation that Trump will hit Iran with fresh sanctions.

“A significant and perhaps underpriced risk to crude oil prices is the potential for supply to outstrip demand, especially given OPEC+’s intention to reintroduce barrels to the market,” said Stephen Innes at SPI Asset Management. “Even if US sanctions curtail Iranian oil production by 1.5 million barrels a day — a scenario similar to that during Trump’s previous presidency — this amount could easily be compensated by OPEC+, which is currently holding back 5.8 million barrels a day, or 5.3 percent of the total global production capacity.”

However, he added that some issues could lead crude to rocket, including an escalation of the Middle East crisis, a significant reduction in Russian output or exports and a strategic about-face by OPEC+ to slash production.

– Key figures around 0815 GMT –

Hong Kong – Hang Seng Index: DOWN 1.0 percent at 18,874.14

Shanghai – Composite: DOWN 0.3 percent at 3,160.76 (close)

London – FTSE 100: DOWN 0.3 percent at 8,224.50

Tokyo – Nikkei 225: Closed for a holiday

Euro/dollar: DOWN at $1.0216 from $1.0244 on Friday

Pound/dollar: DOWN at $1.2140 from $1.2210

Dollar/yen: DOWN at 157.39 yen from 157.74 yen

Euro/pound: UP at 84.17 pence from 83.90 pence

West Texas Intermediate: UP 1.5 percent at $77.75 per barrel

Brent North Sea Crude: UP 1.4 percent at $80.86 per barrel

New York – Dow: DOWN 1.6 percent at 41,938.45 (close)

© 2024 AFP

Tags: Asian marketsinflationoil prices
Share26Tweet17Share5Pin6Send
Previous Post

Los Angeles fires deliver latest blow to embattled Hollywood

Next Post

China saw booming exports in 2024 as Trump tariffs loom

Emma Reilly

Emma Reilly

Related Posts

Other

EU chief delays retaliation for US tariffs in search of deal

July 14, 2025
Other

Boeing evades MAX crash trial with last-minute settlement

July 11, 2025
Other

Stocks fall as Trump ramps up tariff threats

July 12, 2025
Other

Trump’s tariff threats and delays: state of play

July 11, 2025
Other

Trump threatens Canada with higher tariff, mulls further global levies

July 11, 2025
Other

The main moments of Paris Couture Week

July 11, 2025
Next Post

China saw booming exports in 2024 as Trump tariffs loom

Japan PM tells Biden 'strong' concerns over steel deal

Billion-pound lawsuit against Apple over App Store opens in UK

Russia says Ukraine targeted infrastructure of gas pipeline to Turkey

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Markets shrug off Trump tariff threat against EU

July 14, 2025

Ukraine’s Zelensky seeks shakeup with new prime minister

July 14, 2025

LVMH Italian fashion house Loro Piana put under court administration

July 14, 2025

EU still seeks Trump trade deal — but readies retaliation

July 14, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.